Solar Energy is pleased to announce that it has entered into an agreement with an arms'-length vendor by which the Company can earn a 100% interest in the West Carswell Property (the "Property").
The Property consists of two contiguous mineral dispositions, covering an area of ~2000 hectares, in the western Athabasca Basin, 8.3km west of the Cluff Lake Mine and 12.7km northwest of AREVA/UEX's Shea Creek Project. Over 22 years, AREVA operated the Cluff Lake Mine and produced over 62M lbs of U3O8.
The mine was decommissioned in 2002. The Athabasca Basin is the most productive uranium producing region in the world, producing approximately 1/3 of the world uranium each year.
The Company can earn a 100% interest in the property by paying $100,000 and issuing 2,000,000 common shares to the Vendor in year one. In addition, the company may issue 12,000,000 common shares over 48 months or 9,000,000 common shares with 12 months.
The Company must also complete $2,500,000 in exploration expenditures within 24 months. A 1% NSR has also been granted to the Vendor, which may be purchased by the Company for $1,500,000.
The West Carswell Property is ~12 km northwest of UEX's Shea Creek Project, the most advanced uranium project in the western Athabasca Basin. Shea Creek is host to three uranium deposits which have recently estimated N.I. 43-101 compliant resources.
At a cut-off grade of 0.30% U3O8, Indicated mineral resources for the three Shea Creek deposits comprise 1,872,600 tonnes grading 1.54% U3O8 containing 63.57 million pounds of U3O8, and an additional 1,068,900 tonnes grading 1.04% U3O8 in the Inferred category containing 24.53 million pounds of U3O8.
The Company exploration strategy is focused on the fact that the northwest trending fault on which Shea Creek deposit was discovered trends onto the south easternmost part of the west Carswell Project. The northwest trending fault was identified by a MEGATEM survey, performed by Fugro for AREVA in 2006.
In 2008, a ttransient magnetotelluric ground survey was conducted by EMpulse Geophysics Ltd. In agreement with previous airborne surveys, this survey detected a series of three or more NW-SE trending parallel subsurface conductors existing between 200-500m. In addition, below the conductors, between 700-1000m, was also found a large disc shaped conductor, roughly 3km in diameter. This anomaly profile strongly resembles the perched mineralization model discovered at Shea Creek.
